Information  X 
Enter a valid email address

TP70 2008(ii) VCT (TPV2)

  Print   

Monday 16 February, 2009

TP70 2008(ii) VCT

Interim Management Statement

RNS Number : 4138N
TP70 2008 (ii) VCT PLC
16 February 2009
 



TP70 2008 (II) VCT plc


16 February 2009



Interim Management Statement for the quarter ended 31 December 2008


TP70 2008 (II) VCT plc has pleasure in submitting its interim management statement for the quarter ended 31 December 2008. This constitutes the Company's second interim management statement for the financial period ending 31 March 2009, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.


Net assets at 31 December 2008 comprised:




31 December 2008

Unaudited


30 September 2008

Unaudited


30 June 2008

Unaudited



£'000


%


£'000


%


£'000


%














Fixed asset investments at fair value


1,123


5.6


-


-


-


-

Financial assets at fair value


4,319


21.9


5,301


25.7


6,528


29.8

Net current assets


14,313


72.5


15,346


74.3


15,384


70.2



19,755


 100.0


20,647


 100.0


21,912


 100.0














Net asset value per ordinary share


86.3p




90.2p




94.9p




Investment Activity

The financial assets at fair value figure represents the company's exposure both directly and indirectly to GAM Diversity. During calendar year 2008 GAM Diversity disappointingly returned -14.6% in sterling terms. This return outperformed the major hedge fund performance indices and also compares favourably with the decline of 29.9% in the FTSE All-Share index. 


notable feature of the quarter is that the company initiated its exposure to VCT qualifying holdings making investments in MGS North West Limited and MGS West Midlands Limited, shown as fixed asset investments at fair value in the above net asset statement.


Material Events and Transactions

During the quarter no shares were issued and no shares were purchased by the company for cancellation. 


As outlined above, in 2008 GAM Diversity succeeded in isolating investors from the worst excesses of asset value collapses and was also creditably resilient amidst well-publicised hedge fund redemptions. However, GAM Diversity gave notice in December to extend the period required to realise investments from monthly on 45 days' notice to quarterly on 95 days' notice.  As a result Julius Baer gave notice to increase the spread above LIBOR applying to the swap covering half the company's exposure to GAM Diversity from 0.9% to 1.25%.


Further Information

For further information, please contact David Dick or Chris Tottle at Triple Point Investment Management LLP on 0207 201 8989.




This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IMSVQLFFKLBFBBV

a d v e r t i s e m e n t